SBA Resources: The SBA Express Bridge Loans

The SBA Express Bridge Loans
Categorized as COVID-19 Relief Series Tagged , , ,

The SBA Express Bridge Loan is a fast, short-term solution for small businesses with SBA loans to get up to $25,000. The money from these loans can be used to assist the business that is losing revenue due to the coronavirus crisis. It can also be used to help while waiting on another loan to process. This is designed for businesses that are in a tight spot and need cash fast.

Fast Cash from the SBA for SBA Borrowers

From the SBA:

“Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.”

Terms of the SBA Express Disaster Bridge Loan

Remember, this is essentially an advance on another loan whose application is in process. That means these funds will get paid back using that loan, such as the <EIDL>. You can get up to $25,000 to inject some cash into your business while you wait for the other loan to process.

Contact our office today at 888-297-3321 to discuss how your business can use these funds to ensure that you survive the crisis. Together, we’ll make it through this. 

Check out our COVID-19 Relief Series for more information.